Transfer Cash ISAs Discussion Area

david_grant

Having explored the possibility of transferring cash ISA fund to Barclay I was told that the rate would be 4.64% not 6.25% as advertised!!!!!!!!

purplestar133

david_grant wrote: »

Having explored the possibility of transferring cash ISA fund to Barclay I was told that the rate would be 4.64% not 6.25% as advertised!!!!!!!!

That's probably because what was the 6.25% ISA, the Tax Haven ISA, doesn't allow transfers in. They must have quoted you one of their other, older ISAs that does allow transfers in. Also, the Tax Haven ISA rate has dropped to 6.08%. It may have dropped lower than that since last time I checked.

Baldur

david_grant wrote: »

Having explored the possibility of transferring cash ISA fund to Barclay I was told that the rate would be 4.64% not 6.25% as advertised!!!!!!!!

The 6.25% Tax Haven ISA does not permit inward transfers - you have been quoted the rate for their standard Cash ISA, which does.

<Edit>

Also, the Tax Haven ISA rate has dropped to 6.08%.

The AER is still 6.25%, the gross rate is 6.08%.

I-LOV-MONEY

david_grant wrote: »

Having explored the possibility of transferring cash ISA fund to Barclay I was told that the rate would be 4.64% not 6.25% as advertised!!!!!!!!

I am just transferring out of Barclays Variable Rate ISA (to IceSave). It was taken over from the Woolwich.

Their statement quotes interest rates -

up to £12,000 4.26%
£12,000+ 4.41%
£18,000+ 4.81%

dekkard

A note to anyone else looking to transfer a cash ISA to A&L's Direct ISA.

I didn't realise that you can't transfer to this if you've already put cash into your existing ISA this tax year. I asked in a branch today and they confirmed that this is the case.

I had assumed that I could simply transfer in previous years and current year money.

Does anyone know if this rule applies at all other ISA providers, or is it just A&L?

Baldur

dekkard wrote: »

A note to anyone else looking to transfer a cash ISA to A&L's Direct ISA.

I didn't realise that you can't transfer to this if you've already put cash into your existing ISA this tax year. I asked in a branch today and they confirmed that this is the case.

I had assumed that I could simply transfer in previous years and current year money.

Does anyone know if this rule applies at all other ISA providers, or is it just A&L?

I transferred current (2007-8) & partial previous years' Cash ISAs to A & L's Direct ISA in February, with no problem.

grumpy_turnip

Ok, I hope I'm placing this on the correct thread.

I've opened an ISA account with A&L this year (2008/09) so that I can transfer in an older barclays one.

This year (08/09) I also have £3600 to invest.

My question is for this tax year (08/09) is the A&L ISA my only option where I can place £3600 or due to me only opening the A&L ISA as transfer in account can I open another one from a second provider for this years money.

Basically, does all have to go to A&L or not?

Hope someone can help.

Regards

Turnip.

10_66

No it doesn't all have to go into the A&L ISA. If you haven't put any of this year's contributions into the A&L one, you can open another ISA with another provider for this year's contributions.

dekkard

Baldur wrote: »

I transferred current (2007-8) & partial previous years' Cash ISAs to A & L's Direct ISA in February, with no problem.

Thanks Baldur.

It seems A&L have changed their policy since you transferred.

On this A&L page, it says:

"To continue with your application, please make sure you can satisfy the following...

You have not contributed to another Cash ISA in the same tax year that you subscribe to this Cash ISA."

Baldur

dekkard wrote: »

Thanks Baldur.

It seems A&L have changed their policy since you transferred.

On this A&L page, it says:

"To continue with your application, please make sure you can satisfy the following...

You have not contributed to another Cash ISA in the same tax year that you subscribe to this Cash ISA."

If you are transferring you are not subscribing to two Cash ISAs in one year, which is what that that sentence is intended to prevent - this is an HMRC rule, not an A & L policy.

If in doubt, ring the HMRC ISA helpline - see HERE